Global Correspondence Management System Market was valued at US$ 1.3Bn in 2019 and is expected to reach US$ 4.2Bn by 2027, at a CAGR of 15.79% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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The major driver of the global correspondence management system market includes growing need for automating and personalizing communication systems and timely and secured internal and external communications. However, in spite of being vital, many enterprises over the years are not able to leverage crucial solution like correspondence management to automate certain parts of their processes to save cost for document aggregation and delivery, other than that by not adopting relevant correspondence solutions enterprises have also failed to gain benefit of reusing existing content and avoid duplication.
Based on component, software segment id dominating the market for global correspondence management system. Software License revenue mostly dominates the correspondence management market by holding more than 37% of the total correspondence management solution market opportunity.
On the basis of application, mailroom automation segment is expected to account for major share in terms of revenue in the correspondence management system market globally. Mailroom automation aids organizations classify their incoming correspondences as per their category, content and appearance, and send them to the respective department or the person. An organization receives thousands of correspondences and wants to conduct internal and external communications. So, it is very difficult for any organization to keep track of all the correspondences and respond to them. Additionally, the manual mail sorting process is very time-consuming and expensive to implement.
In terms of region, North America is leading the correspondence management system market. The USA represents the highest potential market for correspondence management, followed by the UK and Germany. In Europe, Scandinavian countries have also demonstrated their interest in the solution in the recent past. Amongst emerging geographies, Brazil is slightly green field geography, in the process of dramatically reducing paper correspondence though, interestingly Middle East Africa is a growing market for correspondence management solution.
Microsoft partnered with SAP to give consumers a trusted path to digital transformation in the cloud in November 2017. By this partnership, the companies would co-engineer, go to market together with premier solutions, and offer joint support services to deliver the best cloud experience to customers.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Correspondence Management System Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Correspondence Management System Market.
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Global Correspondence Management System Market, By Component
o Managed Services
o Professional Services
Deployment and Integration
Support and Maintenance
Global Correspondence Management System Market, By Delivery Channel
Global Correspondence Management System Market, By Deployment Model
Global Correspondence Management System Market, By Organization Size
• Large Enterprises
• Small and Medium-Sized Enterprises
Global Correspondence Management System Market, By Industry Vertical
• Banking, Financial Services, and Insurance
• Telecom and IT
• Government and Public Sector
• Energy and Utilities
• Manufacturing and Automotive
• Retail and eCommerce
• Real Estate
Global Correspondence Management System Market, By Application
• Mailroom Automation
• Diplomatic Bag
• Engineering Document Control
Global Correspondence Management System Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key players operating in Global Correspondence Management System Market
• Rosslyn Analytics
• Pitney Bowes
• Top Down Systems
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